Shawn Bixby borrowed $40,000 on a 180-day, 11% note. After 60 days, Shawn paid $4,300 on the note. On day 94, Shawn paid an additional $6,300. Use ordinary interest. a. Determine the total interest use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent.) 8 Answer is complete but not entirely correct. Total interest $ 1,111.83 b. Determine the ending balance due use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent.) * Answer is complete but not entirely correct. Ending balance due S 30,511.83 8
Shawn Bixby borrowed $40,000 on a 180-day, 11% note. After 60 days, Shawn paid $4,300 on the note. On day 94, Shawn paid an additional $6,300. Use ordinary interest. a. Determine the total interest use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent.) 8 Answer is complete but not entirely correct. Total interest $ 1,111.83 b. Determine the ending balance due use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent.) * Answer is complete but not entirely correct. Ending balance due S 30,511.83 8
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please help I can not get this right !
Transcribed Image Text:Shawn Bixby borrowed $40,000 on a 180-day, 11% note. After 60 days, Shawn paid $4,300 on the note. On day 94, Shawn paid an
additional $6,300. Use ordinary interest.
a. Determine the total interest use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest
cent.)
8 Answer is complete but not entirely correct.
Total interest
$ 1,111.83 X
b. Determine the ending balance due use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the
nearest cent.)
Answer is complete but not entirely correct.
Ending balance due
$ 30,511.83
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education